David Cameron admits to former stake in father’s offshore fund

David Cameron held a stake in his late father’s offshore investment fund but sold his shares prior to becoming prime minister, he told broadcaster ITV in an interview Thursday evening.

The Panama Papers, released earlier this week, showed Cameron’s father Ian, who died in 2010, ran an offshore fund, the Blairmore Investment Trust.

Cameron and his wife Samantha bought 5,000 shares in the fund in April 1997, four years before he became an MP. The couple paid £12,497 for 5,000 units, before selling them in January 2010, four months before Cameron became prime minister, for £31,500.

Earlier in the week Downing Street denied that Cameron was currently benefiting from, or had plans to benefit from, any offshore funds.

“I want to be as clear as I can about the past, about the present, about the future, because frankly, I don’t have anything to hide,” Cameron told ITV.

“I paid income tax on the dividends. There was a profit on it but it was less than the capital gains tax allowance so I didn’t pay capital gains tax. But it was subject to all the U.K. taxes in all the normal way.”